Detailed, actionable estate plans provide clients with many benefits, including peace of mind that loved ones will be provided for when they die. Unfortunately, far too many people don’t have even the basic outlines of an estate plan. At Foley Freeman, we realize that estate planning is an unwelcome topic. Nobody wants to consider growing older or dying, so they put off creating a will or power of attorney for as long as possible. Sadly, too many people become incapacitated or pass away without an estate plan in place, and tense family disputes erupt as a result. Get the legal help you need by contacting a Meridian estate planning lawyer at Foley Freeman.
What Are Elements of an Estate Plan?
- Wills
- Trusts
- Living will
- Durable power of attorney for health care
- Durable power of attorney for finances
- Business succession planning
How the Pieces Fit Together
A comprehensive estate plan should:
- Leave assets to beneficiaries and loved ones. We can use a will to accomplish this task, but might also use a trust. Clients benefit from trusts when they are leaving assets to a disabled adult on government assistance or when they hope to reap tax advantages. It’s up to you to determine who inherits from you. Not all assets pass through probate, so speak with our estate planning lawyer.
- Appoint a personal representative. This person oversees your estate after you die. They have critical duties, including notifying creditors, paying your debts and bills, filing your taxes, and defending the estate in any litigation. We can help you identify someone who can fulfill the role.
- Provide for minor children. If both parents die, then young children will need guardians, and you can name them in your will.
- Make end-of-life decisions. You can use a living will to decide what life support you want, such as a feeding tube, artificial respiration, or other support. Some people want everything done to prolong life, while others want nothing. We can discuss what choices are best for you.
- Choose someone to make decisions when you are incapacitated. Estate planning helps you choose someone to make medical and financial decisions if you slip into a coma or develop dementia. Without the right powers of attorney, your children could squabble among themselves or even deplete your assets.
A Meridian Estate Planning Lawyer is an Excellent Asset
You might be tempted to use a computer program online for creating a will, trust, or advance directives like a living will or power of attorney. However, there is no substitute for the help of a lawyer. Our firm does more than draft legal documents (although we certainly do that). We also:
- Help you understand how the pieces of an estate plan fit together. For example, some assets you own won’t pass through probate, such as retirement accounts or life insurance. This fact could matter if you want to divide your estate equally between children.
- Help you identify an effective personal representative, trustee for a trust, or agent for a power of attorney. Ideally, you should pick someone responsible and who lives nearby. We can talk in detail about your choices.
- Think through which trust is most effective for your goals, such as reducing the value of your estate for tax purposes.
- Revise an existing estate plan if you recently moved to Idaho, had a child, or lost your spouse. An estate plan also needs revision if you have divorced or married.
We Have Been Your Neighbor for More than 40 Years
Foley Freeman started in a house on the corner of Idaho Street and Meridian Road in 1978. Since that day, our lawyers have helped Meridian residents with an array of legal needs, including estate planning.
Both Meridian and our firm have grown considerably over the past 40 years. Today, Foley Freeman is one of the most respected law firms in Southern Idaho and has enjoyed strong recognition from the Idaho legal community. The firm has received the prestigious AV Preeminent® Peer Review Rating by Martindale-Hubbell®, a national law firm directory, and other lawyers seek out our firm’s assistance in a variety of matters. We will continue to serve Meridian for decades to come.
Speak with a Meridian Estate Planning Attorney
Creating a comprehensive estate plan is a worthwhile goal for anyone, regardless of age. Even younger residents benefit from knowing their children will be taken care of should tragedy strike. To learn more, call Foley Freeman today to schedule a consultation with an attorney in our office.